After protests that have left dozens dead, President William Ruto has yielded to public pressure and declined to sign into law the unpopular Finance Bill 2024.

Protesters across the country as well as key stakeholders in Kenya's economy have voiced their concern saying the bill is set to pile more pressure on common mwananchi, and businesses that are already grappling with the high cost of living and overburdened. 

"I have listened keenly to the people of Kenya who have said loudly that they want nothing to do with this finance bill 2024," Dr Ruto said.

In a speech to the nation on Wednesday, Dr Ruto said he would start a conversation with "young people of our nation" to listen to their issues and "agree with them on their priority areas of concern."

"Following the passage of the bill, the country experienced widespread expression of dissatisfaction with the bill as passed, regrettably resulting in the loss of life, the destruction of property and desecration of constitutional institutions."

In the past two weeks, Dr Ruto's administration has been facing mounting pressure, nationwide protests, and calls led by the country's Generation Z, demanding rejection of the Finance Bill 2024 in its entirety.

On Tuesday night, following a day of protests, President Ruto's government deployed the military to counter what he described as "treasonous" actions.

Last week, the Kenya Kwanza administration dropped some of the contentious tax proposals, including a move to slap 16 percent VAT on bread, as well as a 2.5 percent tax on the value of motor vehicles per year.

Unfortunately, that gesture, which came forward before the bill went for consideration in the National Assembly, was not enough to cool the mounting opposition to the bill, which is led by the young people. On Tuesday, after a day long-running battles with the police, the youth stormed parliament and burned down a part of the institution.

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"I also propose that within the next 14 days, a multisectoral, multi-stakeholder engagement be held with a view to charting the way forward on matters relating to the content of the bill as well as auxiliary issues raised in recent days on the need for austerity measures and strengthening our fight against corruption," the President explained.

At the same time, Dr Ruto said his administration will start rolling out further austerity measures to cut expenditure, targeting his office and the "entire executive arm of the government."

"I direct that operational expenditure in the Presidency be reduced to remove allocations for the confidential vote, reduce travel budget, hospitality and purchase of motor vehicles, renovations and other expenditures," said Dr Ruto.

Protesting youth across Kenya as well as stakeholders have been calling out the government for its indifference in huge allocations to renovations, new cars, and travel at the expense of spending in critical areas such as healthcare, education, and agriculture.

Dr Ruto asked the other arms of the government, including Parliament, the Judiciary, as well as County Governments to liaise with the Treasury in cutting unnecessary expenditure. 

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